In today's entrepreneurial landscape, investing in a tech startup is a risky business. More than 90% of tech startups fail. The reasons for these failures are as varied as the methods to success. Why do some startups succeed where so many others fail? Laptop Computer Tech-Startup Successes Successful tech startups have a few things in [...]
Is It Better to Use Retirement Funds or File Bankruptcy? Retirement funds are commonly used to pay off debt when a person wants to avoid filing bankruptcy. Yet, in some cases when you avoid filing it can put more strain on your finances. It is understandable you want to take care of your financial obligations, [...]
Bankruptcy and Unpaid Tax Returns Bankruptcy has the ability to wipe out tax debt but income tax returns need to be filed. Tax debt is subject to specific qualifications in order for it to be discharged or eliminated after your case is filed. There are several factors to review if wiping out tax debt is [...]
Taxpayers are often under the impression they cannot discharge tax debt . While bankruptcy is a powerful legal tool that may help you gain control of your finances and eliminate qualifying debt, it can help discharge tax debt in certain circumstances. There are different types of tax debt consumers deal with, yet in bankruptcy income [...]
In most situations, it may not make a difference when you file bankruptcy. If the judgment is related to unsecured debt it is likely to get discharged. Some people may decide to file when they receive a summons learning of a creditor seeking to take legal action. Others may decide to submit an answer or [...]
Deciding to file bankruptcy can be confusing. People often choose not to file because of misleading information, lack of understanding and fear of not knowing what will happen in the future. These factors have been known to make financial situations even worse since debtors put off the filing process. Upon gaining a better understanding of [...]
Bankruptcy and Life Insurance Proceeds The law does show a considerable amount of respect when it comes to life insurance. Life insurance proceeds may be considered property of the bankruptcy estate depending on how you are entitled to them. There are exemptions that may help protect proceeds, but it is important to disclose details of [...]
A cash gift received while in bankruptcy may be protected, but if you were entitled to receive it before you filed this is an issue to review in more detail. It comes down to understanding if the cash gift was in fact a "gift." If there is no entitlement prior to the filing than most likely [...]
During the duration of your Chapter 13 bankruptcy case you may be required to provide information about your taxes. This may simply involve forwarding a copy of your completed return to your trustee. Your trustee will know whether or not your tax refund will need to be collected. There are a few factors to consider [...]
What Types of Income Is Reviewed on the Means Test? The Means Test helps in determining eligibility for bankruptcy. The test gives a general idea of whether or not you have the ability to pay on outstanding debt. Depending on the income requirements for your state the test provides details on which bankruptcy chapter you [...]